Expands into 4W PV seating with Tachi-S Quick Note

研报英文原文证据摘录

Expands into 4W PV seating with Tachi-S Quick Note

Global Markets Research

Uno Minda UNOI.NS UNOMINDA IN 7 July 2026

EQUITY: AUTOS & AUTO PARTS

RatingExpands into 4W PV seating with Tachi-S Remains Buy

Target price INR 1,494 RemainsQuick Note

Closing price INR 1,129 7 July 2026Uno Minda expands into PV seating systems segment with Tachi-S

Uno Minda on 7 July announced (link) strategic expansion into the 4W passenger vehicle

seating systems segment with its 49% JV partner Tachi-S Seating Private Limited. The

company had entered into the JV with Tachi-S in Sep-2022 to manufacture and market Research Analysts

seat recliners for PVs. India Autos & Auto Parts

Siddhartha Bera, CFA - NFASLAccording to the company, this expansion marks Uno Minda’s entry into complete 4W PV

siddhartha.bera@nomura.comseating systems, which is one of the highest value product categories in the automotive

+91 22 403 74362

supply chain and deepens footprint in a segment central to the premium vehicle

Kapil Singh - NFASLexperience. Notably, the JV has already secured an anchor customer order from a leading

kapil.singh@nomura.comOEM.

+91 22 403 74199

To support this new product line, the board also approved a greenfield manufacturing

facility in Chhatrapati Sambhajinagar, Maharashtra, with a proposed capital expenditure of

INR3.2bn. It expects to commence operations by 4QFY28E with a terminal capacity of

~240k units per annum.

Our view: PV seating systems expands TAM further for Uno Minda and is a long

term positive

We note that Uno Minda currently caters to only 2W/CV segment seating, which

contributed ~7% to its FY26 revenues. Entry into the PV segment, which was a

whitespace for Uno Minda, expands content per vehicle significantly (~INR20k-70k per

vehicle) and is a key positive, in our view.